First American Data & Analytics, a division of First American Financial Corp., announced that its loan-level regulatory compliance tool, RegsData, is integrated into the MeridianLink Mortgage loan origination system (LOS). This integration provides lenders with one-click access to compliance monitoring within the MeridianLink LOS environment, helping ensure loans meet regulatory and investor requirements before closing.
“Compliance is a moving target with rules and requirements constantly evolving at the federal, state and local levels. RegsData takes the guesswork out of compliance by regularly tracking regulatory changes and delivering an automated solution that flags potential compliance issues in real time,” First American Data & Analytics Senior Director of Product Management Jennifer Menard said in a release. “With this integration into MeridianLink, we’re delivering convenience, speed and peace of mind that every loan meets the latest requirements before it closes.”
RegsData is a solution that compares loan data against current laws, regulations and investor guidelines. It alerts users to potential compliance violations and fee calculation issues early in the loan process, allowing lenders to correct issues before the loan is originated, according to a release.
Key features of the integration include:
- Automatic compliance checks flagging issues related to TRID, QM, TILA, HOEPA and other regulatory violations, eliminating the need for manual review and optimizing workflows;
- Fully embedded functionality that enables users to review and act on compliance results without leaving the LOS environment;
- Quick and efficient ordering process with reports that are automatically delivered to the eDocs repository;
- Interactive PDF reports with clickable summaries linking directly to detailed result sections;
- Override capabilities for approved users to adjust fee treatments and condition tolerances; and
- Historical access to prior orders and compliance reports.
“We’re excited to expand our long-standing partnership with First American Data & Analytics,” MeridianLink Senior Vice President of Mortgage JP Kelly said. “The integration with their RegsData compliance solution provides MeridianLink lenders with seamless, one-click access to compliance monitoring to help ensure all loans meet regulatory and investor requirements before closing. We’re adding value for our MeridianLink Mortgage customers by supporting faster, more confident loan closings, and we’re expanding our MeridianLink Marketplace with solutions that drive origination efficiency and compliance.”